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Copper View on the basis of Technical Chart

Copper April
contract settled at 401.25 up by 4.15 rupees. Metal settled well within the
range of prior session and with a bullish candle that qualifies as a bullish harami
candlestick pattern. Today price objective for bears would be 397 and then 395
any sustained move below that level would bring more weakness and then we will
see a decline towards 391-387 and more down side. Resistance is now seen near
404.20 any move above that level would bring 406 and any closing above 408 would
bring 414-417 on cards.

Trading range
for the day is expected among the key support at 390 and resistance at 408.

Recommendation:

Â·Selling copper on jumps around
400-401 with stop loss above 404.50 for targeting 397-393 and more down side.

Â·Selling below 395.50 with stop
loss above 401 for targeting 393-387-383 might be appropriate in intraday and
short term.